Metro Vancouver real estate market had a fairly strong start to the year, relative to the year before. Home sales remained steady in January and buyers were faced with less inventory and more competition. There were fewer sales in January compared to December, but January 2020 had more sales compared to January 2019.
January 2020 sales increased by 42% compared to January 2019 and January 2020 sales were down by 22% compared to December 2019.
Fewer new listings kept inventory levels from rising with only 4.2 months of inventory. With fewer inventory and improved sales, we are starting to see prices rise again, as reflected in the average price per sqft. Although home prices went up, the price increase is very minimal compared to the previous month (increased by 0.5-1%).
The increase in demand coupled with a relatively low supply of homes have caused bidding wars to re-emerge especially for entry level homes.
Contact me if you have any questions about Vancouver’s real estate market.
Oakwyn Realty Downtown Ltd.